Key Points
- Director Steven Hovde sold 1,500 shares of Coastal Financial (CCB) on Dec. 9 at an average price of $115.50 for $173,250, cutting his stake by 9.38% to 14,500 shares (disclosed in an SEC filing).
- Recent quarter missed expectations: Coastal reported $0.88 EPS vs. $0.89 consensus and revenue of $52.89M vs. $133.44M expected; the stock trades near $115 with a 12‑month range of $73.92–$119.22 and a PE of 36.43.
- Analysts remain bullish: the consensus rating is "Buy" with an average price target of $125.17 and recent price-target raises to $155 from TD Cowen and UBS.
Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) Director Steven Hovde sold 1,500 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $115.50, for a total value of $173,250.00. Following the transaction, the director owned 14,500 shares of the company's stock, valued at approximately $1,674,750. This trade represents a 9.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Coastal Financial Trading Up 0.4%
CCB opened at $115.12 on Wednesday. Coastal Financial Corporation has a 12-month low of $73.92 and a 12-month high of $119.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The stock has a market capitalization of $1.74 billion, a PE ratio of 36.43 and a beta of 0.89. The firm's fifty day moving average price is $107.09 and its 200 day moving average price is $103.22.
Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.01). The company had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. As a group, research analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.
Institutional Investors Weigh In On Coastal Financial
Several large investors have recently added to or reduced their stakes in CCB. State of Alaska Department of Revenue acquired a new position in shares of Coastal Financial during the third quarter valued at $64,000. Russell Investments Group Ltd. grew its position in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company's stock worth $80,000 after purchasing an additional 576 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Coastal Financial by 634.4% in the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company's stock valued at $97,000 after purchasing an additional 774 shares during the period. USA Financial Formulas bought a new stake in shares of Coastal Financial during the third quarter valued at approximately $102,000. Finally, First Horizon Corp acquired a new position in shares of Coastal Financial during the third quarter worth approximately $122,000. 59.24% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts recently weighed in on the company. Hovde Group set a $126.00 price objective on Coastal Financial in a report on Monday, August 18th. TD Cowen upped their price target on Coastal Financial from $140.00 to $155.00 and gave the company a "buy" rating in a research report on Friday, December 5th. Cowen reaffirmed a "buy" rating on shares of Coastal Financial in a report on Friday. UBS Group set a $155.00 target price on shares of Coastal Financial in a research note on Friday. Finally, Zacks Research upgraded shares of Coastal Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Coastal Financial presently has a consensus rating of "Buy" and an average price target of $125.17.
Get Our Latest Stock Report on Coastal Financial
About Coastal Financial
(
Get Free Report)
Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
